Financial Analysis Report: Comparing Samsung and Apple Performance

This report presents a comprehensive financial analysis of Samsung and Apple, two major players in the telecommunication sector. It begins with an introduction to both companies, detailing their business operations and financial backgrounds. The analysis focuses on comparing their financial performance using ratio analysis, including profitability, solvency, and liquidity ratios, over a period of several years. Charts and tables are used to illustrate key financial metrics and trends. Furthermore, the report includes SWOT analyses for both Samsung and Apple, highlighting their respective strengths, weaknesses, opportunities, and threats. The report also critically examines the Corporate Social Responsibility (CSR) activities undertaken by both companies. Finally, the report concludes by comparing the financial standings of both companies and determining which has a stronger financial position. The report includes financial statements, ratio calculations, and horizontal/vertical analyses to support the findings.

FINANCIAL ANALYSIS
MANAGEMENT AND
ENTERPRISE

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1(A).......................................................................................................................................1
1.1: Comparing the financial performance and the position of both companies........................1
TASK 1(B).....................................................................................................................................10
SWOT Analysis of Samsung:...................................................................................................10
SWOT analysis of Apple:.........................................................................................................11
TASK 2..........................................................................................................................................12
2.1: Critical analysis of CSR sections over the last couple of years.........................................12
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16
APPENDIX....................................................................................................................................17
Income statement of Samsung..................................................................................................17
Balance sheet of Samsung ........................................................................................................18
Income statement of Apple Plc.................................................................................................20
Balance sheet of Apple Plc.......................................................................................................21

INTRODUCTION
Financial analysis management is the process which is related to evaluation of the
activities of business, its budgets and all of the finance related activities that are undertaken in
the organisation so that the managers of the company can analyse the profitability and
performance of the business. Financial analysis is the process that is related to analysing whether
the business organisation is operating in an stable, consistent, liquid, solvent or gainful enough
to invest in the monetary funds. The major purpose behind the financial analysis for an enterprise
is to find the issues that are faced by the company by comparing it with the past performances
and troubleshooting them. The analysis is performed by various method such as Ratio analysis of
the company and Vertical and horizontal analysis.
This project reports is prepared on the two major players in the telecommunication sector
namely Samsung and Apple. The analysis of their financial performance is done using ratio
analysis and by using charts and their strengths and weakness are also discussed here. Finally,
the project will tell which of the two companies have stronger financial grounds. The reports also
discusses the CSR activities undertaken by the companies.
TASK 1(A)
1.1: Comparing the financial performance and the position of both companies
Introduction to Samsung electronics company: Samsung electronics was established in
1969 which has grown rapidly. Now, this can be found that Samsung is currently managing 220
subsidiaries around the globe and is successfully generating a revenue of more than 200 Trillion
KRW per year. Samsung electronics is currently involved in the production of innovative
products and is making serious effort for the purpose of achieving continuous growth and
shaping the future of the consumers by doing continuous Innovations and modifications in the
products which they manufacture. Samsung electronics is currently engaged in providing
consumer products such as printers, monitors, televisions, Refrigerators, Air conditioners, and
the most important technology of the modern world which is Tablets and smartphones. Samsung
main vision behind the manufacturing of its products and services is to create value, generate
convenience and encouraging a smart and fast lifestyle for its consumers around the world
(Arena, 2011).
1

At the time of expansion of the Samsung, various issues or challenges were being faced
by the organisation in 2014.
Financial analysis of the company: Samsung electronics is expanding and generating
profits all over the globe at an increasing rate at the present time. As per the financial statements
of the company for the last 5 years it has been observed and interpreted that the company is
making continuous progress in the several markets of the world. It has been analysed that from
2014 to 2017 the profitability and the revenues of the company are rising in each year. As per
the, financial statements of the company it has been observed that the cost of generating revenues
of the company is also decreasing yearly which have also contributed to the increase in
profitability of the company. In the year 2017, it has been significantly increased by 18% and
became the highest of the four years. During the analysis of the Financial statements of the
company it has been seen that the total assets of Samsung have also Increased and in the
upcoming years. The total number of the assets in the year 2017 as per the financials were
3,01,75,21,00 dollars as compared to the year 2014 which is 2,30,42,29,58 (Baxter, 2013).
Ratio Analysis of the Samsung Electronics:
According to the statements which is provided by the company and after the calculation
various necessary ratios it has been interpreted that company seems to be performing well in the
industry. For this purpose, the ratios which are calculated for checking the long term as well as
short term performances of the company include Solvency ratios (Debt-Equity ratio, Financial
leverage etc.), Liquidity Ratios (current ratio, Quick ratio) Efficiency ratio ( Asset turnover ratio,
inventory turnover ratio etc.) and Profitability ratio(gross profit margin, operating profit margin)
(Blome, 2011). The interpretation of these ratios are done as under:
Margins % of Sales 2014-12 2015-12 2016-12 2017-12
Revenue 100 100 100 100
COGS 62.21 61.54 59.58 53.97
Gross Margin 37.79 38.46 40.42 46.03
2

SG&A 11.53 11.38 11.32 9.98
R&D 6.98 6.83 6.99 6.83
Other 7.15 7.09 7.62 6.83
Operating Margin 12.14 13.16 14.49 22.39
Net Int Inc & Other 1.38 -0.23 0.73 1.06
EBT Margin 13.52 12.94 15.21 23.46
Liquidity/Financial Health 2014-12 2015-12 2016-12 2017-12
Current Ratio 2.21 2.47 2.59 2.19
Quick Ratio 1.73 1.98 2.12 1.71
Financial Leverage 1.42 1.4 1.41 1.46
Debt/Equity — 0.01 0.01 0.01
Profitability Ratios: According to analysis of the ratio, it has been analysed that Gross
profit margin of the company has been increasing on an increasing rate since the year 2014. The
gross profit margin of Samsung Electronics in the year 2014 was 37.85% which has become
3

46.0% in the year 2017. This shows that company is making progress in the market. And
similarly the operating profit margin of the company is also on the rise from the year 2014 to the
year 2017. In the year 2014 it was recorded as 12.1% which became 22.4% in the year 2017.
2014-12 2015-12 2016-12 2017-12
0
5
10
15
20
25
30
35
40
45
50
37.79 38.46 40.42
46.03
12.14 13.16 14.49
22.39
13.52 12.94 15.21
23.46
Profitability ratio
Gross Margin
Operating Margin
EBT Margin
Solvency ratios: Solvency ratios shows the ability of the company to meet its long term
obligations. The Debt-Equity ratio of the company is seen to be consistent from the year 2014 to
2017 and recorded as 0.1. The Financial leverage of the company have decreased in the year
2015 and 2016. Then it increased again in the year 2017 and became 1.46 still it is almost
consistent in every year.
4

2015-12 2016-12 2017-12
0
0.002
0.004
0.006
0.008
0.01
0.012
0.01 0.01 0.01
solvency ratio
Debt/Equity —
Liquidity ratio: Liquidity ratios analyses the capacity of the company to meet the short
term obligations of the company. The Current Ratio of Samsung electronics is seen to be
increasing every year from 2014 to 2016 but it decreased a bit in the year 2017 and turned 2.19.
Current Ratio Quick Ratio
0
1
2
3
4
5
6
7
8
9
10
2.21 1.73
2.47
1.98
2.59
2.12
2.19
1.71
Liquidity ratio
2017-12
2016-12
2015-12
2014-12
Horizontal analyses:
5

Horizontal analyses is a tool of evaluating financial statements using a base year. In
order to analyse income statement of Samsung, 2014 is considered as base year from which it
has been observed that year 2017 was the most profitable year but due to high expenses this
company is facing issues.
Vertical analyses:
Vertical analyses is a evaluation of financial statements of an organisation. Here financial
statement has been analysed using this method in order to measure changes in profitability and
expenditures over years. From the below analyses, it has been clear that Samsung has earned
highest profit in year 2017 due to high sales revenue.
Introduction To Apple:
Apple Inc. is a company which is also engaged in the production of products such as
smartphones, tablets and smart computers. The company was originated and incorporated in the
year 1976 and operates all over the globe and has its headquarters in Cupertino, California. The
products which are offered by the company includes iPhone, iPad, Mac book and the company
also deals in variety of software, networking solutions, other party application and many small
accessories in telecommunication. At present, the company is indulged in the selling and
delivering of digital content and providing application on the platforms generated by them which
consists of iTunes, App store, Mac App, Apple music etc. Apple is also indulged in distributing
their products through their own network of retail stores which guarantee the genuineness of the
products. The company also makes use of Online platforms, personal sales force, value added
6

resellers and other wholesalers and retailers for the purpose of distributing their products to the
end customers (Brigham, 2012).
Financial analysis of the company:
As per the analysis of financial statements of the company it has been evaluated that,
overall turnover of the company is increased by 8% over the years and has been recorded at a
huge 22,92,34 thousand Dollars. As per the financial information provided by the company it has
been seen that the company's gross profit in the year 2014 is recorded as 7,05,37 thousand which
has again increased in the year 2015 as 9,36,26. Although in the next year the company has
reported a decline in the profitability in comparison to the revenues of the company and has
declined as 8,42,63 and then it has increased again in 2017 as 8,81,86 and has been recorded at
of the total turnover of the company. One of the reason behind the decrease in the profitability of
the company is that its cost of generating revenue is increasing for every year. In turn, the
company's Earnings before interest, tax and depreciation has also increased (Bromiley, 2015).
Ratio analysis of Apple:
As per the Financial statements and from the ratios that have been calculated from the use of
those statements, it has been analysed various things regarding the company. The ratios which
have been calculated here for the purpose of analysis include solvency ratio, liquidity ratio,
efficiency ratios and Profitability ratio. The analysis has been done as under:
Margins % of Sales 2014-09 2015-09 2016-09 2017-09
Revenue 100 100 100 100
COGS 61.41 59.94 60.92 61.53
Gross Margin 38.59 40.06 39.08 38.47
SG&A 6.56 6.13 6.58 6.66
7

R&D 3.3 3.45 4.66 5.05
Other — — — —
Operating Margin 28.72 30.48 27.84 26.76
Net Int Inc & Other 0.54 0.55 0.63 1.2
EBT Margin 29.26 31.03 28.46 27.96
Liquidity/Financial Health 2014-09 2015-09 2016-09 2017-09 Latest Qtr
Current Ratio 1.08 1.11 1.35 1.28 1.45
Debt/Equity 0.26 0.45 0.59 0.73 0.8
Profitability Ratios: Profitability ratios are the financial tools which helps an
organisation to ascertain the business ability to earn profit against the expenses. According to the
ratio analyses performed below gross margin of year 2015 was highest as 40.06 and lowest in the
latest year 2017 as 38.47 which indicates degrading gross profit earning ability of Apple.
Similarly to gross profit, operating profit margin of Apple company is also reflecting decreasing
trend as operating margin ratio in 2015 was 30.48 and in 2017 is 26.76 .
8

Gross Margin Operating Margin EBT Margin
0
20
40
60
80
100
120
140
160
180
38.59
28.72 29.26
40.06
30.48 31.03
39.08
27.84 28.46
38.47
26.76 27.96
Profitability ratio
2017-09
2016-09
2015-09
2014-09
Solvency ratios: Solvency ratio is the tool which helps in measuring the ability of the
company like Apple to meet its long term debts. According to the below performed ratio
analyses, Apple has a increasing trend in case of meeting their debts. Latest debt equity ratio of
this company is 0.80 which is comparatively higher than last four years. Unlike debt equity ratio,
EBT margin of Apple in year 2015 was highest as 31.03 and lowest in the year of 2017 as 27.96.
2014-09 2015-09 2016-09 2017-09
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.26
0.45
0.59
0.73
Solvency ratio
Debt/Equity
9

Liquidity ratio: Here liquidity ratios are determined to ascertain ability of Apple
company, in order to pay their current debt obligations. Few examples of liquidity ratios are acid
test ratio and current ratio. To understand financial position of Apple, here current ratio is
calculated which shows increasing trend. The ideal current ratio is said to be 2:1 and here highest
current ratio of Apple is 1.45:1 in latest quarter of this company. The lowest liquidity ratio of
Apple was in the year 2014 as 1.08 .
2014-09 2015-09 2016-09 2017-09
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.08 1.11
1.35 1.28
Liquidity ratio
Current Ratio
Horizontal analyses:
In order to analyse financial statements of Apple Inc., year 2014 was chosen as a base
year. Year 2015 was observed as most profitable year for this company as they earned 27.90%
sales revenue with gross profit of 32.70% which is highest amongst chosen 4 years.
Vertical analyses:
10

Under vertical analyses, sales revenue is considered as full capacity at 100% and every
aspect is calculated by considering sales as their base. Year 2017 was the most challenging year
of Apple Inc. as they earned only 38.46% of gross revenue and even lower net profit of 26.76%.
TASK 1(B)
SWOT Analysis of Samsung:
SWOT analyses is the internal and external evaluation of an organisation which is
conducted to asceratin several strenghts weaknesses, opportunities and threats of the company.
SWOT analyses of Samsung is discussed below:
Strengths:
 Samsung is the world's number one marketer of mobile phones with a market share of
21.4% in the year 2015.
 Samsung has introduced a innovative payment system known as Samsung Pay which
enables user to pay for their dues using Samsung Pay cards. This innovative evidently
proves that this company has a strong research and design department.
 Samsung has consistently earning highest revenue for the last 4 years, which makes them
strong in terms of profit earning ability (David, 2011).
 Samsung majorly operates in Asian countries, where supply chain costs and labour costs
are low in compared to European and American nations. Due to growing economy and
low manufacturing costs in Asian countries, Samsung can increase their economies of
scale and can earn more profit.
Weaknesses:
 Management of Samsung mobiles majorly focus on Galaxy series which resultant to be
unsuccessful in the market.
11

 Samsung is involved in several major litigations with Apple due to various patent and
trademark issues.
 Samsung is heavily dependent upon their electronic sales due to which they sometimes
suffers from low revenue earnings.
 According to various marketers, marketing strategies of Samsung are not sophiscated
enough due to which they fails to attract large number of buyers (Higgins, 2012).
Opportunities:
 Samsung has its maximum revenue generation from manufacturing smartphones and due
to growing market of smartphones and tablets, this company increase their market share
by launching new and innovative technologies.
 In today's scenerio, online market of electronics has been increased due to which
Samsung can tie up with e-commercial websites such as Amazon.com, Flipkart.com etc.
Threats:
 Competitors like Apple and Motorola are considered as major threats for Samsung
mobiles phones.
 Samsung has a wide variety od product lines due to chances of failure are relatively high.
 Smart phones of Samsung company runs on Android operating system which are
considered as less reliable and efficient from iOS (Hoyt, 2011).
SWOT analysis of Apple:
Apple operates in numerous countries with variety of products. SWOT analyses of Apple
is conducted below:
Strengths:
 Apple has a strong brand image and is a market leader of smartphones.
 This above mentioned company has a solid financial position along with high profit
margin which results into efficient supply chain management (Strengths of Apple, 2018).
Weaknesses:
 Prices of electronic products such as iPhone, iPad, iPod and others has relatively higher
prices than its competitors.
 Apple has a limited distribution network due to which product range of this company is
relatively low than its competitors (Khajeh‐Hosseini, 2011).
Opportunities:
12

 Apple can expand its distribution network which can increase the demand of its products
and services.
 Apple can create new product lines. For example they can introduce a range of different
electronic system.
Threats:
 Due to recent tax scandal, reputation of Apple has damaged which can affect their brand
image.
 Electronic industry is rapidly growing due to which it attracts a lot of new entarnts which
increases the competition level for Apple.
 Countries in which Apple operates has a phase of rising material and labour costs which
directly influence productivity and revenue generation of the organisation (Lambert,
2013).
Conclusion of the reports:
By analysing the financial statements of Apple and Samsung using ratio analyses and
SWOT analyses, it can be concluded that financial position of Samsung is much better than
Apple as profitability of Samsung are much more higher Apple. Apart from ratio analyses,
SWOT analyses shows the results that Apple has a better brand image but Samsung captures
major market share.
TASK 2
2.1: Critical analysis of CSR sections over the last couple of years
The corporate social responsibilities includes various activities conducted by samsung
and they are mentioned below:
Samsung supporting local communities:
 Samsung promote independence and self reliance among the new generation through
systematic vocational activity.
 The average of work time for which the all workforce of Samsung company has unpaid
has amount of money to 11.3 hours in 2014.
Samsung empowering Educating employees:
 The advantages given to the workforce of Samsung company in Korea and foreign in
during the year 2015 entire to KRW 3.853 billions.
13

 The average time duration which the training and development is given to the workers in
year 2015 was 78 hours (McShane, 2011).
Human and Labour rights at Samsung
 The business organisation has organised inspection in different location for the child
labours prevention in China during the 2015.
Employee health and Safety:
 The business entity have made certain attempts in order to develop the safe and secure
workplace for the workers. Regular watching and betterment has been finished in the
organization, and the institution also execute tool for the motive of irregular emergencies
that may happen in the organization such as Explosion, Fires, chemical substance spill
and natural disaster.
 Samsung Assist health and safety carefulness for the workers by the building of
ergonomic utilize in the company and proscription of the journey of the concern to the
location with maximum uncertainty of infectious diseases like MERS and Ebola
(Titman, 2011).
Waste reduction and recycling by Samsung:
 Samsung organisation has provide in the accumulation of waste and has gathered a sum
of 2.26 million tons of loss from the year 2009 to 2015 and purpose to gather 3.8 million
by the upcoming year in 2020.
 In year 2015, the Amazon followed in sum of 34322 tons of reused plastics approx 6.3
percent of sum plastic process) to controls, refrigerators, Washing machines, earphones
cases etc.
Carbon Emission by Samsung:
 The business entity has interpreted enterprise for the green communication that motives
to exchange the effect of Samsung green administration enforced different open project
across the globe. It will relate to educational courses , environmental, events and
encouraging curiosity of worker in involving such events.
 The CSR activities are interpreted by the Apple which are determined as below:
Apple Supporting Local communities
 International volunteer System is state established in year 2011 for the motivation and
performance of workforce so that they unpaid in local people. Since the origination of
14

the system the organization has Given approx USD 78 billion to the foundation and
NPOs across the world.
 This system or event has once again that been amended in 2015 for licensing the workers
right in order to select the projects or tasks in the organisation. Thus, they are observing
as well as willingly need to contribute.
Apple Empowering and Educational employees:
 Apple has served different education and improvement programs which is state in just
about eighteen mill which have been interpreted by around 280000 employees in 2016.
Human and Labour right at Apple:
 Apple has almost accomplished an mean of 95% conformity at least 60 hours (Period of
time) per week.
Workforce Health and Safety at Apple:
 Business organisation have enforced the Apple provider EHS academy, 1 and ½ year
program or event which emphasis on the health as well as safety of workforce who are
performing activity and function in the enterprise. Approximately 240 provider and
270000 wo
CONCLUSION
 From the above project report it can be concluded that financial analyses helps an
organisation in determining efficiency of performances of the individual employees. In
this project, financial analyses of two companies Apple and Samsung are discussed in
order to identify their financial position with the help of Ratio analyses and SWOT
analyses. Corporate social responsibility of both the companies along with their
importance are discussed separately in this report. Reporters have take part in this
program which is established by organisation.
Gender equality and Minorities:
 In Apple approximately 32 percent are Female, 12% percent Hispanic and 9% Black
are working. Company recently recruited 375 female employees.
 Company has also gain the target or goals of equal give in the 2016.
15

CONCLUSION
From the above project report it can be concluded that financial analyses helps an
organisation in determining efficiency of performances of the individual employees. In this
project, financial analyses of two companies Apple and Samsung are discussed in order to
identify their financial position with the help of Ratio analyses and SWOT analyses. Corporate
social responsibility of both the companies along with their importance are discussed separately
in this report.
16

REFERENCES
Books and Journals:
Arena, M., Arnaboldi, M. and Azzone, G., 2011. Is enterprise risk management real?. Journal of
Risk Research, 14(7). pp.779-797.
Baxter, R., and et. al., 2013. Enterprise risk management program quality: Determinants, value
relevance, and the financial crisis. Contemporary Accounting Research, 30(4). pp.1264-
1295.
Blome, C. and Schoenherr, T., 2011. Supply chain risk management in financial crises—A
multiple case-study approach. International journal of production economics, 134(1).
pp.43-57.
Brigham, E. F. and Houston, J. F., 2012. Fundamentals of financial management. Cengage
Learning.
Bromiley, P., and et. al.., 2015. Enterprise risk management: Review, critique, and research
directions. Long range planning, 48(4). pp.265-276.
David, F. R., 2011. Strategic management: Concepts and cases. Peaeson/Prentice Hall.
Higgins, R. C., 2012. Analysis for financial management. McGraw-Hill/Irwin.
Hoyt, R. E. and Liebenberg, A. P., 2011. The value of enterprise risk management. Journal of
risk and insurance, 78(4). pp.795-822.
Khajeh‐Hosseini, A., and et. al.., 2012. The cloud adoption toolkit: supporting cloud adoption
decisions in the enterprise. Software: Practice and Experience, 42(4). pp.447-465.
Lambert, S. C. and Davidson, R. A., 2013. Applications of the business model in studies of
enterprise success, innovation and classification: An analysis of empirical research from
1996 to 2010. European Management Journal, 31(6). pp.668-681.
McShane, M. K., Nair, A. and Rustambekov, E., 2011. Does enterprise risk management
increase firm value?. Journal of Accounting, Auditing & Finance, 26(4). pp.641-658.
Titman, S., Keown, A. J. and Martin, J. D., 2011. Financial management: Principles and
applications (Vol. 11). Boston: Prentice Hall.
Online
Strengths of Apple. 2018.[Online]. Available through: <https://stratechery.com/2017/apples-
strengths-and-weaknesses/>
17

APPENDIX
Income statement of Samsung
(in thousands)
Revenue 31-12-17 31-12-16 31-12-15 31-12-14
Total revenue 239580000 201866745 200653482 2,06,20,59,87,
Cost of revenue 129290000 120277715 123482118 1,28,27,88,00,
Gross profit 110290000 81589030 77171364 77927187
Operating
expenses
Research
development 16360000 14111381 13705695 14385506
Selling general
and
administrative
40280000 37235161 36081636 37446184
Total operating
expenses 185930000 172626073 174240040 181180916
Operating
income or loss 53650000 29240672 26413442 25025071
Income from
continuing
operations
Total other
income/expenses
net
2550000 1472980 -452447 2849963
Earnings before
interest and
taxes
53650000 29240672 26413442 25025071
Interest expense - -587831 -776511 -592940
Income before
tax 56200000 30713652 25960995 27875034
Income tax
expense 14010000 7987560 6900851 4480676
18

Minority interest - 6538705 6183038 5906463
Net income
from
continuing ops
42190000 22726092 19060144 23394358
Net income 42190000 22415655 18694628 23082499
Net income
applicable to
common shares
42190000 22415655 18694628 23082499
Balance sheet of Samsung
(in thousands)
Period
ending 31-12-17 31-12-16 31-12-15 31-12-14
Current
assets
Cash and cash
equivalents 83604 32111 22636 16840
Short-term
investments - 56049 48842 44962
Net
receivables 27696 27800 28520 28234
Inventory 24983 18353 18811 17317
Other current
assets - 3612 2832 4444
Total current
assets 136283 141429 124814 115146
Long-term
investments 16644 12642 1360 17899
Property plant
and
equipment
111665 91473 86477 80872
Goodwill - 1343580 910539 739
Intangible
assets 14760 2819 2788 2805
19

Other assets 22398 12466 13580 12958
Deferred
long-term
asset charges
- 5321 5589 4526
Total assets 301752 262174 242179 230422
Current
liabilities
Accounts
payable 9083 6485 6187 7914
Short/current
long-term
debt
18814 15282 12873 11265
Other current
liabilities 7408 21712 21309 21414
Total current
liabilities 16492 54704 50502 52013
Long-term
debt 18814 1237 1424 1379
Other
liabilities 51954 13204 11119 8863
Deferred
long-term
liability
charges
- 1180 1697 1239
Minority
interest - 6538705 6183038 5906463
Total
liabilities 87260 69211 63119 62334
Stockholders'
equity
Common
stock 897500 897514 897514 897514
Retained
earnings - 19308 185132 169529
Treasury
stock 213593 -11963 -17556 -12649
20

Capital
surplus - 4403 4403 4403
Other
stockholder
equity
213593 -2213 -4114 -4219
Total
stockholder
equity
214491 186424 172876 162181
Net tangible
assets 199730 182260 169178 158636
Income statement of Apple Plc.
(in thousands)
Revenue 30-09-17 24-09-16 26-09-15 27-09-14
Total revenue 229234 215639 233715 182795
Cost of revenue 141048 131376 140089 112258
Gross profit 88186 84263 93626 70537
Operating expenses
Research development 11581 10045 8067 6041
Selling general and administrative 15261 14194 14329 11993
Total operating expenses 167890 155615 162485 130292
Operating income or loss 61344 60024 71230 52503
Income from continuing operations
Total other income/expenses net 2745 1348 1285 980
Earnings before interest and taxes 61344 60024 71230 52503
Interest expense -2323 -1456 -733 -384
Income before tax 64089 61372 72515 53483
Income tax expense 15738 15685 19121 13973
21

Net income from continuing ops 48351 45687 53394 39510
Non-recurring events
Net income
Net income 48351 45687 53394 39510
Net income applicable to
common shares 48351 45687 53394 39510
Balance sheet of Apple Plc.
(in thousands)
Period ending 30-09-17 24-09-16 26-09-15 27-09-14
Current assets
Cash and cash
equivalents 20289 20484 21120 13844
Short-term
investments 53892 46671 20481 11233
Net receivables 35673 29299 30343 27219
Inventory 4855 2132 23,4 2111
Other current
assets 13718 7555 14691 14043
Total current
assets 128645 106869 89378 68531
Long-term
investments 194714 170430 164065 130162
Property plant
and equipment 33783 27010 22471 20624
Goodwill 5717 5414 5116 4616
Intangible
assets 2298 3206 3893 4142
Other assets 10162 8757 5422 3764
22